For the second year in a row, global credit risk and financial assessment leader Moody’s announced another multi-level increase in the bond rating for Kankakee County. The continued and reaffirmed “positive outlook” analysis documents the dramatic and sustained financial improvement in Kankakee County government, reduction of debt, financial policy and execution and elimination of outside borrowing to support operations.

As of July 12, 2022, the County’s rating increased from Baa3 to Baa1, which is classified as “prime-2”, and puts the county just below “A” status. A bond rating, similar to a credit score, is both an indicator on the financial health and planning for the County and directly tied to interest rates for bonds and other funding mechanisms.

“What we are doing financially is working,” said Kankakee County Board Chairman Andy Wheeler. “In 2016, we had a plan on how to bring County finances back from insolvency. We have accomplished that goal and have continued to improve under the principle of not spending more than you take in. The County is now focusing on the next mission: how to continue to help reduce the County portion of property taxes during a recession. People are feeling the squeeze, and we need to respond in the strongest and most responsible manner possible.”

Kankakee County was considered “non-investment grade” status by Moody’s in 2016, and with this upgrade into “Prime-2” status, the third upgrade in four years, County residents have detailed and unbiased evidence of a resurgent Kankakee County finances and management by the County Board. Key indicators in the improvement are increased balances, elimination of borrowing outside funds for operations, cash on hand, reduction in accounts payable time, elimination of Interfund borrowing, and the upcoming elimination of 77% of all County bond debt in 2024.

94.1 WGFA